Commercial portion of Stantec Tower in Edmonton sold for $503M

German real estate fund is buyer in largest office sale in Alberta capital's history, in terms of dollar value

By
for Western Investor
September 27, 2019





DD stantec office tower rendering edmonton

Germany-based real estate fund Deka Immobilien has paid $503 million [345 million euros) for the commercial space in the new Stantec tower in Edmonton’s ICE District. It is the largest office sale in Edmonton’s history, in terms of dollar value. The purchase does not include 36 floors of residential space in the tower.

Breakdown:

Property type: Office/retail tower

Location: Downtown Edmonton’s ICE District

Property size: 620,000 square feet of office space; 62,000 square feet of retail space

Not included: 36 floors of residential space

Sale price: $503 million

Seller: ICE District Properties (joint venture of Katz Group and One Properties)

Buyer: Deka Immobilien, Germany

Sale announcement: September 24, 2019


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